| Wed 5 May 2010, 17:11 | | CMO - Chrometco Limited - Non-Fulfilment of conditions precedent to Lime-Chem |
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CMO
CMO
CMO - Chrometco Limited - Non-Fulfilment of conditions precedent to Lime-Chem,
Lime-Chem Minerals and Summer Season acquisitions - potential distribution to
shareholders
CHROMETCO LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2002/026265/06)
(JSE Code: CMO ISIN: ZAE000070249)
("Chrometco" or "the company")
- NON-FULFILMENT OF CONDITIONS PRECEDENT TO LIME-CHEM, LIME-CHEM MINERALS AND
SUMMER SEASON ACQUISITIONS
- POTENTIAL DISTRIBUTION TO SHAREHOLDERS
INTRODUCTION
Further to the SENS announcements released on 29 June 2009, 18 September
2009 and 18 November 2009 (respectively), in terms of which Chrometco
previously announced that, inter alia, it had entered into agreements to
acquire a -
- 90% interest in Lime-Chem (Proprietary) Limited ("Lime-Chem"); and
- 9.774% interest in each of Lime-Chem Minerals (Proprietary) Limited
("Lime-Chem Minerals") and Summer Season Trading 84 (Proprietary) Limited
("Summer Season"), including call options to acquire the remaining shares
in each of Lime-Chem Minerals and Summer Season, respectively,
which agreements ("Acquisition Agreements") were subject to the fulfilment
or waiver, as the case may be, of certain conditions precedent
("Conditions Precedent").
NON-FULFILMENT OF CONDITIONS PRECEDENT
Shareholders are advised that the Conditions Precedent were not fulfilled
or waived within the time periods permitted therefor and accordingly the
Acquisition Agreements have failed to become of any force or effect.
POTENTIAL DISTRIBUTION
The board of directors of the company is currently considering a potential
distribution of cash to shareholders.
Should the board of directors decide to distribute any cash, details of
any such distribution will be communicated to shareholders for their
approval in due course.
5 May 2010
Designated Advisor
Sasfin Capital
A division of Sasfin Bank Limited
Date: 05/05/2010 17:11:02 Produced by the JSE SENS Department.
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